28th Apr 2022 11:03
(Alliance News) - Grafton Group PLC said on Thursday trading at the start of the year had been positive and it announced its intention to start a GBP100 million buyback.
The DIY retailer said revenue was up by 15% in the year to April 17 to GBP645.3 million, with average daily like-for-like revenue growth of 7.2%. This compared to GBP561.1 million in revenue at the same time the previous year.
Building material price inflation was a key driver of revenue growth, the Dublin-based company explained.
Despite noted uncertainties around the future strength of consumer demand, the company said it saw no reason to adjust its full-year expectations of operating profit. It added that it was actively managing the current inflationary and supply chain backdrop.
Chief Executive Gavin Slark said: "We have seen a positive start to the year and generally good underlying demand conditions in the residential [repair, maintenance and improvements] and new build markets that we serve. While there is some uncertainty about how the squeeze on disposable incomes will impact demand, we remain agile and responsive to any trading patterns that may emerge over the remainder of the year."
Grafton also announced GBP100 million programme to buy back its shares. The buyback is expected to complete during 2022.
Shares in Grafton were up 4.0% at 991.00 pence on Thursday morning in London.
By Heather Rydings; [email protected]
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